crypto trading is going through a pretty interesting microstructure experimentation right now CEXs: FIFO CLOB, normal fee structure (taker fees, maker rebates) Hyperliquid: cancel prioritization, normal fee structure Lighter: FIFO CLOB, 0 fees for regular accounts (with latency speedbump), fees paid by HFTs (with latency speedbump on taker orders) the winner will need to strike the best balance between incentivizing organic flow and MMs simultaneously